Dozens of US financial groups are moving from London to Paris after the UK leaves the EU to ensure they can trade European assets in the 27 countries that remain in the European Union. The latest example is Citigroup, which has used London as a gateway to the European single market for decades and is preparing to almost double its staff in the French capital. “London remains our main trading center,” said Fabio Lisanti, the bank’s head of trading in Europe, excluding the UK. “However, we have transferred and will transfer some portfolios to Europe. We have already transferred enough, and there is more to come,” he added.

“What brings people to Paris is the fact that it is an international city,” Lizadi told Bloomberg TV. “There is a huge amount of local talent and some strong local players who have developed this talent.” Another US investment bank, Goldman Sachs, has recently moved into a new 9,000 sqm headquarters. in the City of Light increased its workforce from 170 in 2017 to 350 by the end of 2022, with additional recruitment expected in 2024.

Morgan Stanley, housed in a stately mansion built in 1874, set up a research center last year to support its trading activities. Prior to the United Kingdom’s exit from the European Union, US investment bank JPMorgan had 250 employees in its headquarters in Paris, rising to 800 at the end of last year. The French capital has more than quadrupled in recent years to about 650 employees. The example of the above institutions was followed by investment funds, according to Bloomberg. Millennium Management, Ken Griffin’s Citadel and ExodusPoint Capital Management have also hired additional staff or opened offices in the French capital.